South Africa secures US$398 million loan from NDB for road infrastructure development
South Africa has secured a R7 billion loan (US$398 million) from the New Development Bank (NDB) to support the modernisation of key national road corridors, as part of broader efforts to strengthen the country’s transport infrastructure and economic connectivity, TV BRICS reports.
The funds will primarily be allocated to projects aimed at upgrading strategic transport routes such as the N2 and N3 corridors in KwaZulu-Natal, and the N1, which play a vital role in national and regional trade.
The government is undertaking a major overhaul of the rail network, backed by funding from the African Development Bank and the Development Bank of Southern Africa. A key priority is to rebalance the use of rail and road transport to reduce strain on highways and improve the resilience of the national logistics system.
The NDB, established by the BRICS nations (Brazil, Russia, India, China and South Africa), aims to mobilise resources for infrastructure and sustainable development in emerging economies.
As reported previously, Colombia and Uzbekistan joined the BRICS Bank.
